June 16, 2011
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“) today announced plans to expand and consolidate the Company’s uranium and vanadium resources on the Colorado Plateau in the second half of 2011. These plans include a summer and fall drill program on currently-owned properties, resource verification and expansion, and technical report preparation to convert historic resource into NI 43-101 compliant resource. In addition, in the opinion of the Company the current market conditions represent a buying opportunity to acquire additional properties that can provide long-term feed for the Company’s planned Piñon Ridge Mill. Energy Fuels received strong market validation of this business model when it closed on $11.5 million of equity financing in the midst of the Japanese crisis in March.
Energy Fuels is actively acquiring mining properties within reasonable haul distance of the Piñon Ridge Mill that will enhance the Company’s existing portfolio of assets. The Company already owns two existing, permitted mines with large known uranium and vanadium resources, the Whirlwind Mine and the Energy Queen Mine. As was reported in an April 14, 2011 press release (please click HERE to view), Energy Fuels’ NI 43-101 compliant uranium and vanadium resource base continues to increase significantly through acquisitions and ongoing drill programs.
Stephen P. Antony, President and CEO of Energy Fuels stated, “Energy Fuels is quietly assembling an impressive array of properties on the Colorado Plateau. This summer, we intend to expand our resource portfolio even further. In addition to the licensing and construction of the Piñon Ridge Mill, a vital aspect of Energy Fuels’ strategy is to convert historic known resources into compliant NI 43-101 resources through near-term drill programs and data acquisition. Our ultimate goal is to bring these proven and formerly- producing mines back into production and process the material at the Piñon Ridge Mill.”
Key to Energy Fuels’ consolidation strategy is the proposed Piñon Ridge Mill, the first conventional uranium mill to be built in the U.S. in over 30-years. In March, Energy Fuels was granted a Radioactive Materials License (“License”) for the mill from the State of Colorado. The License is the primary government approval needed for the Company to construct and operate the mill. The Company plans to begin operations at the mill in early 2013. While the License is being challenged in District Court by an environmental group, Energy Fuels is advancing toward completion of construction plans and acquiring the remaining permits and approvals, including construction approval from the U.S. Environmental Protection Agency for the tailings impoundment and an air quality permit from the State of Colorado.
The Piñon Ridge Mill will operate in the heart of the Uravan Mineral Belt, historically the most significant uranium producing district in the U.S. When built, it will be one of only two operating uranium mills in the U.S.
“Historically, Colorado and Utah were home to the most important uranium producing districts in the World,” Mr. Antony continued. “These areas still contain significant quantities of uranium and vanadium that can be produced competitively and economically. The Colorado Plateau can again be a major uranium producing area of worldwide significance.”
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About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 38,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan’s Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.
This news release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and “Forward Looking Information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time-to-time with the British Columbia, Alberta and Ontario Securities Commissions.
FOR FURTHER INFORMATION PLEASE CONTACT:
Energy Fuels Inc.
Toll free: 1-888-864-2125
Toll free: 1-888-864-2125